Secure Settlements Inc. (SSI) has launched its “Know Your Agent” program which enhances the company's closing agent vetting and risk management service for lenders. Under this program, SSI has been issuing full color ID cards to vetted closing professionals. The ID cards, which are intended to be worn as identification at mortgage closings nationwide, will fulfill several important fraud deterrent goals. The first is to clearly identify to all parties at the closing table, particularly consumers, the identity of the agent handling the mortgage proceeds and documents. The second is to confirm the agent’s independently vetted risk status.
The cards feature a full color photo, the agent’s name, company name, SSI registration number and vetted agent status expiration date. Each ID card is electronically imbedded with the agent’s name and registration number. This feature will allow the card to be used with SSI’s proprietary, at-closing Best Practices and Fraud Control Application for droid, iPad and iPhone technology.
"This is another step forward towards enhancing the integrity of mortgage originations with a focus on verifying best practices applicable at the closing table, a part of the process often overlooked when consumer protections are considered," said E. Robert Levy Esq., former deputy commissioner of Banking in New Jersey, and an SSI Advisory Board member.
This first-ever App, which will be widely available sometime in April 2013, will verify Best Practices are being followed at closing and will capture critical data to assure lenders that the closing is being conducted in a professional and compliant manner. The data will be uploaded to the SSI database and available to Secure Settlements service subscribers.
“Our 'Know Your Agent' proprietary risk management and fraud deterrent tool is part of the continued effort of SSI to develop new programs and tools to help lenders fight closing table fraud while also protecting consumers," said SSI President Andrew Liput. "We are excited about this new program and the response it has already received in the industry. Together with the SSI vetted professional seal, the agent ID card allows vetted agents to demonstrate their commitment to independent risk evaluation to their industry partners and clients, including consumers. The SSI app technology in development provides real time verification of best practice and quality control expectations, meeting regulatory concerns as well as industry needs for better management of standards and practices across the very diverse disciplines that comprise the closing profession. We refuse to stand still, but rather we are constantly working on program and technology enhancements to remain the industry leader in closing agent risk management.”
“The 'Know Your Agent' ID program is just another reason why our mortgage company uses SSI for its third-party closing agent risk management platform," said Tom Marinaro, president of Residential Home Funding. "Consumers need to know who is handling the critical functions at the closing table, and now they can be assured about the person’s identity and risk status. I think it’s fabulous and I am amazed no one thought of it before!”